Phyto Extractions announces name change to Adastra Holdings Ltd.
by CM Staff
The Name Change is part of a re-branding initiative in order to better align the Company's name and image as a cannabis manufacturing company.
LANGLEY — On Aug. 27, Phyto Extractions Inc. announced a name change from “Phyto Extractions Inc.” to “Adastra Holdings Ltd.” (the Name Change), to be effective on September 1, 2021. Trading of the Company’s common shares is expected to resume under the new name and under the same ticker symbol “XTRX” on the Canadian Securities Exchange as of market open on September 1, 2021. In connection with the Name Change, the Company’s new CUSIP will be 00654D100 and the new ISIN will be CA00654D1006. There is no consolidation of shares associated with the Name Change.
The Name Change is part of a re-branding initiative in order to better align the Company’s name and image as a cannabis extraction, distillation and product manufacturing company. Following a change in management, the Company decided to proceed with the Name Change for several purported reasons: (i) “Phyto” does not have the same brand awareness outside of Canada; (ii) the use of “extractions” in the Company’s name limits the Company’s plans to be a diversified cannabis issuer; and (iii) following internal market research in the cannabis space, the Company believes that “Adastra Holdings Ltd.” holds broader appeal to consumers for marketing purposes.
“The name “Adastra Holdings Ltd.” represents the future direction of the Company as a diversified cannabis issuer and creates space for new product offerings and market segments. We are excited to continue to share our company’s growth and as more regulations are enacted, we’ll see even more opportunitites for us to enhance our unique market strategy in the coming years,” said the Company’s Director and CEO, Michael Forbes.